ARRB was commissioned by the Department of Infrastructure, Energy and Resources of Tasmania (DIER) to explore the feasibility of implementing an alternative pavement valuation method to that which is currently used to undertake its annual valuation requirements. In conjunction with the University of Birmingham (UoB) a detailed review of the asset valuation method applied in HDM-4 was carried out. This paper reviews and summarises a number of pavement valuation methods adopted across Australia and provides a comparison between these different approaches. It also provides an overview of how HDM-4 version 2.0 performs asset valuation and outlines some of the inputs required and outputs generated by the system. Different asset valuation methods typically result in different asset values being determined. Therefore, following the review of current approaches, any alternative method developed needed to be fit for purpose and correlated with traditional approaches. The paper outlines the application of a number of asset valuation methods for different purposes, such as for financial reporting or planning purposes. (a) For the covering entry of this conference, please see ITRD abstract no. E217099.
Samenvatting